Legis Daily

OFAC Licensure for Investigators Act

USA118th CongressHR-6370| House 
| Updated: 1/16/2024
Joyce Beatty

Joyce Beatty

Democratic Representative

Ohio

Cosponsors (1)
Zachary Nunn (Republican)

Foreign Affairs Committee, Financial Services Committee, Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
OFAC Licensure for Investigators Act This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations. Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license. (OFAC, within the Department of the Treasury, is one of the primary agencies responsible for enforcing economic sanctions. OFAC requires firms to take various actions, such as ensuring that they are not engaging in transactions with entities subject to U.S. sanctions. A firm may also provide voluntary self-disclosures to OFAC with information from a firm's investigation of suspicious activities.)

Bill Text Versions

View Text
4 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Nov 13, 2023
Introduced in House
Nov 13, 2023
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Nov 14, 2023
Committee Consideration and Mark-up Session Held
Nov 14, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.
Jan 9, 2024
Placed on the Union Calendar, Calendar No. 280.
Jan 9, 2024
Committee on Foreign Affairs discharged.
Jan 9, 2024
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.
Jan 10, 2024
Mr. McHenry moved to suspend the rules and pass the bill, as amended.
Jan 10, 2024
Considered under suspension of the rules. (consideration: CR H37-39)
Jan 10, 2024
DEBATE - The House proceeded with forty minutes of debate on H.R. 6370.
Jan 10, 2024
At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. McHenry objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
Jan 12, 2024
Considered as unfinished business. (consideration: CR H126)
Jan 12, 2024
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)
Jan 12, 2024
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)
Jan 12, 2024
Motion to reconsider laid on the table Agreed to without objection.
Jan 16, 2024
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • November 13, 2023
    Introduced in House


  • November 13, 2023
    Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.


  • November 14, 2023
    Committee Consideration and Mark-up Session Held


  • November 14, 2023
    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.


  • January 9, 2024
    Placed on the Union Calendar, Calendar No. 280.


  • January 9, 2024
    Committee on Foreign Affairs discharged.


  • January 9, 2024
    Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.


  • January 10, 2024
    Mr. McHenry moved to suspend the rules and pass the bill, as amended.


  • January 10, 2024
    Considered under suspension of the rules. (consideration: CR H37-39)


  • January 10, 2024
    DEBATE - The House proceeded with forty minutes of debate on H.R. 6370.


  • January 10, 2024
    At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. McHenry objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.


  • January 12, 2024
    Considered as unfinished business. (consideration: CR H126)


  • January 12, 2024
    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)


  • January 12, 2024
    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)


  • January 12, 2024
    Motion to reconsider laid on the table Agreed to without objection.


  • January 16, 2024
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

International Affairs

Fraud offenses and financial crimesLicensing and registrationsPublic-private cooperationU.S. and foreign investments

OFAC Licensure for Investigators Act

USA118th CongressHR-6370| House 
| Updated: 1/16/2024
OFAC Licensure for Investigators Act This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations. Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license. (OFAC, within the Department of the Treasury, is one of the primary agencies responsible for enforcing economic sanctions. OFAC requires firms to take various actions, such as ensuring that they are not engaging in transactions with entities subject to U.S. sanctions. A firm may also provide voluntary self-disclosures to OFAC with information from a firm's investigation of suspicious activities.)

Bill Text Versions

View Text
4 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Nov 13, 2023
Introduced in House
Nov 13, 2023
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Nov 14, 2023
Committee Consideration and Mark-up Session Held
Nov 14, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.
Jan 9, 2024
Placed on the Union Calendar, Calendar No. 280.
Jan 9, 2024
Committee on Foreign Affairs discharged.
Jan 9, 2024
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.
Jan 10, 2024
Mr. McHenry moved to suspend the rules and pass the bill, as amended.
Jan 10, 2024
Considered under suspension of the rules. (consideration: CR H37-39)
Jan 10, 2024
DEBATE - The House proceeded with forty minutes of debate on H.R. 6370.
Jan 10, 2024
At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. McHenry objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
Jan 12, 2024
Considered as unfinished business. (consideration: CR H126)
Jan 12, 2024
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)
Jan 12, 2024
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)
Jan 12, 2024
Motion to reconsider laid on the table Agreed to without objection.
Jan 16, 2024
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • November 13, 2023
    Introduced in House


  • November 13, 2023
    Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.


  • November 14, 2023
    Committee Consideration and Mark-up Session Held


  • November 14, 2023
    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 50 - 0.


  • January 9, 2024
    Placed on the Union Calendar, Calendar No. 280.


  • January 9, 2024
    Committee on Foreign Affairs discharged.


  • January 9, 2024
    Reported (Amended) by the Committee on Financial Services. H. Rept. 118-341, Part I.


  • January 10, 2024
    Mr. McHenry moved to suspend the rules and pass the bill, as amended.


  • January 10, 2024
    Considered under suspension of the rules. (consideration: CR H37-39)


  • January 10, 2024
    DEBATE - The House proceeded with forty minutes of debate on H.R. 6370.


  • January 10, 2024
    At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. McHenry objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.


  • January 12, 2024
    Considered as unfinished business. (consideration: CR H126)


  • January 12, 2024
    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)


  • January 12, 2024
    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H37)


  • January 12, 2024
    Motion to reconsider laid on the table Agreed to without objection.


  • January 16, 2024
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Joyce Beatty

Joyce Beatty

Democratic Representative

Ohio

Cosponsors (1)
Zachary Nunn (Republican)

Foreign Affairs Committee, Financial Services Committee, Banking, Housing, and Urban Affairs Committee

International Affairs

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Fraud offenses and financial crimesLicensing and registrationsPublic-private cooperationU.S. and foreign investments